China manufacturing activity slowdown eases in May – HSBC

BEIJING: China’s manufacturing activity contracted at a slower pace in May, an HSBC survey showed on Thursday, but companies cut back production and jobs despite government attempts to reinvigorate the world’s second-largest economy.

The preliminary reading for the British banking giant’s purchasing managers’ index (PMI) came in at 49.1 for this month, improving from a final figure of 48.9 in April, it said in a statement.